Stos Partners based in Encinitas has acquired a 22,156 square foot office building in Carlsbad.
The firm bought the property at 5816 Dryden Place from Dclw Holdings, LLW for $3.8 million, according to CoStar, a real estate research firm.
Built in 1989, the building was 79 percent occupied at the time of the sale by the seller, who will remain in the building under a sale/leaseback agreement.
“The remaining vacant suite will undergo an extensive renovation and presents a tremendous opportunity to deliver highly desirable, efficient and competitively priced office space for lease in Carlsbad,” said Jason Richards, a partner at Stos.
Planned renovations include a new roof, exterior and interior paint, drought tolerant landscaping and parking lot improvements.
“By acquiring this asset at a competitive basis and implementing a series of strategic capital enhancements, we will be able to offer the remaining space at a lease rate as low as 20 percent below market, while still exceeding our investment goals for the property,” said Jay Boyle, an executive vice president of Stos Partners.
So far this year, Stos Partners has acquired 402,500 square feet of property in Southern California valued at more than $55.5 million, according to the company.
Real estate reporter Ray Huard may be reached at email@example.com or 858-277-8904.